Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — Non-Deal Roadshow (August 2026)
68 slides from Immobiliare Grande Distribuzione Siiq's roadshow presentation, August 2026
Slide 1: Road Show presentation August 2026
Road Show presentation August 2026
Slide 2: Disclaimer
Disclaimer This presentation does not constitute an offer or an invitation to subscribe These statements include financial projections and estimates and their for or purchase any securities. underlying assumptions, statements regarding plans, objectives and expectations with respect to future operat
Slide 3: Index
Index 1 IGD at a glance Pag. 4 2 H1 2026 Pag. 11 3 2025-2027 Business Plan: where we stand Pag. 30 4 ESG Pag. 44 5 Appendix Pag. 50 3
Slide 4: IGD at a glance
1 IGD at a glance
Slide 5: Who is IGD?
Who is IGD? SIIQ #1 in Italy We develop, manage and enhance our retail assets with a strategic, sustainable and long-term approach to preserve and increase their value in the long-term period. With the same attention and expertise we manage third-party portfolios 5
Slide 6: Group's overview
Group’s overview IGD fully owned portfolio market value breakdown H1 26 TOTAL PORTFOLIO MARKET VALUE €1.8 bn EBITDA FY 25 €98.6 mn CORE H1 26 Incl leasehold and equity investments BUSINESS H1 26 €48.3 mn ITALY CORE €1.6 bn PORTFOLIO FFO FY 25 €41.2 mn MARKET VALUE +0.6% lfl H1 26 €24.1 mn H1 26 vs D
Slide 7: Market overview: real estate and retail in Italy
Market overview: real estate and retail in Italy H1 2026 Highlights Real Estate Retail New retail openings ~€7 bn of which ~€2.2 bn ~6,000 Investments Investments Driven by Food&Beverage and Fashion 1^ asset class by +5.2% +2% vs H1 in shopping centers investment volumes 2025 The first half of 2026
Slide 8: Core Portfolio Value is growing
Core Portfolio Value is growing € 1,574.4mn +0.6% vs FY2025 Italy Core Portfolio Market Value Revaluation driven by organic growth, not impacted by the valuation discount rates applied 8
Slide 9: Market Value of IGD Portfolio
Market Value of IGD Portfolio EPRA Net Initial EPRA Net Initial FY 2025 H1 2026 Δ % 2026 vs 2025 Net exit Yield Yield Yield topped up Malls Italy 1,383.4 1,392.4 + 0.7% 7.3% Hypermarkets Italy 181.7 182.0 + 0.2% 6.2% 6.2% 6.4% Total Italy core portfolio 1,565.1 1,574.4 + 0.6% + 7.1% Romania * 92.3 7
Slide 10: EPRA NAV Indicators
EPRA NAV Indicators € per share 1H 2026 FY 2025 Δ NRV 9.12 9.09 0.03 NTA 9.06 9.03 0.03 NDV 8.96 8.93 0.03 10
Slide 11: H1 2026
2 H1 2026
Slide 12: Positive KPIs
Positive KPIs vs June 30th, 2025 +4.1% +3.4% Net Rental Income Core business Ebitda LFL freehold LFL € 24.1mn €20.6mn +21.7% +94.3% vs €19.8mn vs €10.6 mn Funds From Operations Group Net Profit 12
Slide 13: Operating Performance Italy H1
Operating Performance Italy H1 26 +4.6% +4.3% Tenant sales Footfalls Malls Malls CNCC + 2.2% CNCC + 1.8% +1.3% IGD’s hypermarkets/ supermarkets Figures H1 2026 vs H1 2025 13 CNCC: National Council of Shopping Centers
Slide 14: Leasing Activity: Key Indicators continue their Steady Growth
Leasing Activity: Key Indicators continue their Steady Growth (Progressive data - %) Q1 Q2 Q3 Q4 Q1 Q2 25 25 25 25 26 26 Malls + 96.22% Hypermkt Italy 95.95 95.99 96.00 96.06 96.09 96.22 Occupancy Malls Italy: malls + 95.49 95.55 95.56 95.63 95.66 95.81 Italy* Italy hypermarkets occupancy (Progressi
Slide 15: Significant New Openings in the First Half
Significant New Openings in the First Half Esp (RA), Centroluna (SP) Le Maioliche (RA), Puntadiferro (FC) Puntadiferro (FC), Centronova (BO) Esp (RA) Nuova Darsena (FE), Katanè (CT) Le Maioliche (RA) 15
Slide 16: Digital: continuous improvement
Digital: continuous improvement The digitalization process of shopping centers continued with significant results: CONSUMER APPs IGD CONNECT The portal’s functionality is being Focus on CRM Increasingly engaging and customized shopping experiences expanded The IGD Connect platform, which is operatio
Slide 17: ESG Highlights | H1 2026
ESG Highlights | H1 2026 ENVIRONMENT SOCIAL GOVERNANCE • PHOTOVOLTAICS: Completion • TRAINING: 2 training activities • LEGALITY RATING: ★★★ fifth by H2 2026 of new plants (>2 MW) in aimed at the entire workforce renewal; confirming the highest Tiburtino, Portogrande and Lungo possible score* Savio S
Slide 18: H1 2026 Further details
H1 2026 Further details
Slide 19: Net rental Income Freehold
Net rental Income Freehold (€ mn) Change vs 25 LFL + €2.0 mn BREAKDOWN NRI CORE BUSINESS +4.1% NRI FREEHOLD FY 25 €101.5 mn Some figures may not add up due to rounding. 19
Slide 20: Core business Ebitda
Core business Ebitda (€ mn) Change vs 25 LFL + 1.6 mn + 3.4 % Some figures may not add up due to rounding. 20
Slide 21: Financial Management
Financial Management (€ mn) Total change: -28.4% - €9.0mn It includes non recurring charges recorded in the income statement following the refinancing in March 2026 and the costs associated with the early redemption of derivatives. Financial Management Adj*: - €3.6 mn vs H1 25 (- 14.9%) mainly thank
Slide 22: Funds From Operation
Funds From Operation (€ mn) Change vs 25 +€4.3 mn +21.7 % Some figures may not add up due to rounding. 22
Slide 23: 2026 FFO Guidance raised
2026 FFO Guidance raised Compared to the FFO Guidance of € 45 million released in February FUNDS FROM OPERATIONS (FFO) IS EXPECTED TO BE AT LEAST €46 MILLION (+11.7% vs €41.2mn FY2025) 23
Slide 24: Group Net Profit
Group Net Profit (€ mn) Change vs H1 25 +€10.0 €mn Some figures may not add up due to rounding. 24
Slide 25: The Trend of Gradual Improvement continues
The Trend of Gradual Improvement continues 43.2% 8.0x* -30 bps vs FY 2025 Flat vs FY 2025 Loan to Value Net Debt/Ebitda 4.8% 2.3x -30 bps vs FY2025 vs 2.0x at 31/12/25 Weighted Average Interest Rate Interest Cover Ratio *Ebitda calculated over the 12-months period ended on 30 June 2026 25
Slide 26: Debt Ratios Evolution
Debt Ratios Evolution Loan to Value Net Debt/Ebitda 44.4% 8.0x 8.0x 43.5% 43.2% 7.9x 2024 2025 H1 26 2024 2025 H1 26 Weighted Average Interest Rate Interest Cover Ratio 2.3x 2.0x 1.8x 6.0% 5.1% 4.8% 2024 2025 H1 26 2024 2025 H1 26 26
Slide 27: Net Financial Position as of 30 June 2026
Net Financial Position as of 30 June 2026 NFP FY25 PFN H1 26 €789.4 mn €781.0mn 12/31/2025 06/30/2026 43.5% 48,1% Loan to Value 43.2% 5.1% 3,86% Weighted average interest rate* 4.8% 2.0X 2,4X Interest Cover Ratio 2.3X Net Debt/Ebitda 8.0x 8.0x *Weighted average interest rate toward banks and other l
Slide 28: Group's maturity profile
Group’s maturity profile Nominal debt due to banks and other sources of finance (€ mn) Debt maturity as of 30 June 2026 Secured bank debt Bond Scheduled depreciation of bank debt • Average maturity: 5.0 years as of 06/30/2026 • Rating* confirmed: Fitch BBB- (Stable) *Latest review Fitch rating: Octo
Slide 29: Additional Financial Highlights and Debt Breakdown
Additional Financial Highlights and Debt Breakdown 12/31/2025 06/30/2026 DEBT BREAKDOWN** Gearing ratio 0.8X * 0.8X Hedging on long term debt 69.5% * 69.1% M/L term debt quota 95.4% 99.2% Uncommitted credit lines 24.6 €mn 24.6 €mn granted Uncommitted credit lines 24.6 €mn 24.6 €mn available Committe
Slide 30: 2025-2027 Business Plan: where we stand
3 2025-2027 Business Plan: where we stand 30
Slide 31: Our priorities
Our priorities MAXIMIZE VALUE CREATION FROM CORE 02 BUSINESS ACTIVITIES OPTIMIZE OUR FINANCIAL PROFILE AND REDUCE COSTS 01 ENHANCE ATTRACTIVENESS OF OUR 03 PORTFOLIO THROUGH TARGETED AND ESG COMPLIANT INVESTMENTS Focus on embarking on a new growth path and consistent and sustainable dividend distrib
Slide 32: 2025-2027 Business Plan: Economic Targets
2025-2027 Business Plan: Economic Targets 2027 Targets In view of impact of planned disposal of non-core assets and the conclusion of 2 masterleases* FY 2024 FY2025 H1 2026 Net Rental Income ~ +16%: Like for like Core Business +4.0% +4,1% • 4,6% CPI Malls + hypermarkets • 4,9% RELETTING/TOPPED like
Slide 33: Increase NRI through «IGD value proposition»
Increase NRI through «IGD value proposition» 2027 Net Rental Income like for like: ~+16% vs 2024 Targets Actions • Increase occupancy of Italian and Romanian malls • Attract new traffic-generator brands and provide new offerings and experiences to retain/obtain the catchment area • This will increas
Slide 34: 2025-2027 Business Plan: Operating Targets
2025-2027 Business Plan: Operating Targets 2027 Targets FY 2024 FY 2025 H1 2026 ITA Occupancy 95.21% 96.06% 96.22% ~ 98% ITA Malls WALB* 2.0 years 2.09 years 2.13 years ~ 2.5 years** ITA Malls WALT*** 4.1 years 4.62 years 4.80 years ~ 4.2 years * Weighted Average Lease Break: remaining lease term un
Slide 35: 2025-2027 Business Plan: Financial and Capital Targets
2025-2027 Business Plan: Financial and Capital Targets 2027 Targets FY 2024 FY 2025 H1 2026 Loan to Value 44.4% 43.5% 43.2% ~ 40% At 2027YE Investments To date € 20.8 mn Over BP timespan ~ 50 € mn Disposal of non-core assets To date € 32.5 mn ~ 100 € mn Over BP timespan 35
Slide 36: 2025-2027 Capex pipeline
2025-2027 Capex pipeline Investments based on the distinctive features of locations and catchment areas, envisaging possible changes in planned interventions, also based on the results achieved o.w. 6.4€mn ~ 13.7 € mn ~ 50 €mn Commercial investments (fit out, ~ 21.7 € mn ~16 €mn digital,…) ESG speci
Slide 37: Portfolio Repositioning and Strategic Enhancement
Portfolio Repositioning and Strategic Enhancement Three strategic assets are the focus of a value enhancement plan aimed at strengthening their competitiveness, attractiveness and long-term value creation. Remodelling & Merchandising Mix Catchment Area Space Optimization Restyling Enhancement Revita
Slide 38: From Strategic Initiatives to Expected Benefits
From Strategic Initiatives to Expected Benefits STRATEGIC INITIATIVES EXPECTED BENEFITS Remodelling OCCUPANCY & restyling Merchandising Mix Enhancement WALB STRONGER COMPETITIVENESS OF Space Optimization THE PORTFOLIO RENT Catchment Area Revitalisation ASSET VALUE The ongoing initiatives are part of
Slide 39: Leonardo Shopping Center (Imola - BO)
Leonardo Shopping Center (Imola - BO) Refurbished Interior Refurbished Exterior OPPORTUNITIES • Completion of the external refurbishment project while maintaining uninterrupted operations. • Further enhancement of the merchandising mix, Location KEY FOCUS AREAS with a focus on food Imola • Enhancing
Slide 40: Centro Tiburtino (Rome)
Centro Tiburtino (Rome) Stato di fatto Restyling concept OPPORTUNITIES • Reconfiguration of the shopping mall, including a new entertainment area. • Further enhancement of the food offering. • Optimisation of the merchandising mix through the introduction of ASSET KEY FOCUS AREAS • Shopping mall GLA
Slide 41: Centrosarca (Milan)
Centrosarca (Milan) Main Entrance Children’s Entertainment Area OPPORTUNITIES • Creating stronger synergies with the multiplex through the relocation of the entertainment area adjacent to the cinema entrance. • Creation of a new family ASSET KEY FOCUS AREAS entertainment area on the • Shopping mall
Slide 42: 2025-2027 Disposal Plan to Reduce Debt and Funding Capex Expenditure
2025-2027 Disposal Plan to Reduce Debt and Funding Capex Expenditure Romania 3 prestigious areas still to be developed Other non-core portfolio Included in the Porta a Mare minor assets (partial) * project in Livorno 1 c. 70€ mn 22 c. 20€ mn 3 c. 10€ mn 2025-2026* 2026 2025-2026 Reduction of structu
Slide 43: Romania: progress update on the disposal plan H1 2026
Romania: progress update on the disposal plan H1 2026 BUSINESS PLAN PROGRESS UPDATE KEY TAKEAWAYS 2025-2027 ON DISPOSALS Disposal of 2 2025 The disposal plan is progressing more Romanian • 5 assets sold quickly than expected portfolio (partial) * • €21.8 mn (in line with Book Value) Market condition
Slide 44: ESG
4 ESG 44
Slide 45: 2025-2027 Business Plan: Environmental Sustainability Targets
2025-2027 Business Plan: Environmental Sustainability Targets H1 2026 2027 Targets * Shopping centers in Italy certified with BREEAM Certifications 92% >95% minimum «Very Good» rating Photovoltaic Installed power 3.1** Mwp +50% Installed power of photovoltaic systems (baseline 2024: 3.1 Mwp) Purchas
Slide 46: Focus on BREEAM Certifications
Focus on BREEAM Certifications 46
Slide 47: Purchase of electricity in 2025-2026
Purchase of electricity in 2025-2026 For the Italian portfolio, electricity purchases are made centrally through a purchasing group (Consorzio Esperienza Energia), which allows for price advantages thanks to massive buying and reduces market volatility with a diversified management Costo medio fisso
Slide 48: Diversity, Equity & Inclusion Policy
Diversity, Equity & Inclusion Policy The DE&I Policy, approved by the Board of Directors on 5 August 2025, represented the first step toward obtaining the internantional certification ISO 30415:2001 - Human Resource Management Diversity and Inclusion which was achieved in December 2025 through an ex
Slide 49: Board of Directors
Board of Directors IGD’s governance has been in line with the criteria of the Self Regulatory Code of the Italian Stock Exchange since it was listed. An internal Corporate Governance Code has been in use since 2008. CHIEF EXECUTIVE OFFICER and GENERAL MANAGER EXECUTIVE Roberto Zoia NON EXECUTIVE CHA
Slide 50: Appendix
5 Appendix 50
Slide 51: IGD Group structure
IGD Group structure €1,803m1 €1,599m Total Fair Asset Asset Value Value 0.1% 100% 100% 99.9% 40% 40% Alliance JUICE FOOD SIINQ S.r.l. FUND FUND WinMagazin S.A. Holds licences and Engaged in the sale, Established in Established in 2024, Romania Engaged in the sale, management services of leasing and
Slide 52: The equity structure
The equity structure Number of shares: Listed on the Italian Stock IGD share is included in Exchange in the 110,341,903 104 indexes EURONEXT STAR segment Market cap as of Average daily trading Net equity H1 2026 07/31/2026 01/01/26 – 07/31/2026 1.0 € bn c. 461 mn c. 118,261 shares Majority of instit
Slide 53: Consolidated Financial Statements FY 2025
Consolidated Financial Statements FY 2025 (€ mn) GROUP CONSOLIDATED CONS_2024 CONS_2025 Revenues from freehold rental activities 125.3 120.1 Direct costs from freehold rental activities -21.4 -18.6 Net Rental Income Freehold 103.9 101.5 Revenues from leasehold rental activities 9.4 9.3 Direct costs
Slide 54: Consolidated Financial Statements H1 26
Consolidated Financial Statements H1 26 (€ mn) (a) (c) GROUP CONSOLIDATED CONS_2025 CONS_2026 Revenues from freehold rental activities 59.3 59.5 Direct costs from freehold rental activities -9.5 -8.9 Net Rental Income Freehold 49.8 50.6 Revenues from leasehold rental activities 4.6 3.7 Direct costs
Slide 55: Re-classified balance sheet
Re-classified balance sheet (€ 000) 06/30/2026 12/31/2025 ∆ % Investment property 1,679,071 1,687,320 (8,249) -0.49% Assets under construction and pre-payments 2,522 2,512 10 0.40% Intangible assets 6,226 7,284 (1,058) -14.52% Other tangible assets 8,678 8,292 386 4.66% Sundry receivables and other
Slide 56: Funds From Operation (FFO)
Funds From Operation (FFO) (€ mn) FFO H1_2025 H1_2026 Core business Ebitda 49.0 48.3 IFRS16 Adjustments (payable leases) -4.5 -3.2 Financial Management Adj. -24.1 -20.5 Current taxes for the period Adj -0.6 -0.5 FFO 19.8 24.1 56
Slide 57: Other EPRA Metrics
Other EPRA Metrics (€ 000) EPRA Performance Measure 06/30/2026 12/31/2025 EPRA NRV (€'000) € 1,006,413 € 1,003,539 EPRA NRV per share € 9.12 € 9.09 EPRA NTA € 1,000,187 € 996,255 EPRA NTA per share € 9.06 € 9.03 EPRA NDV € 989,114 € 985,571 EPRA NDV per share € 8.96 € 8.93 EPRA Net Initial Yield (NI
Slide 58: EPRA Net Asset Value
EPRA Net Asset Value (€ 000) 06/30/2026 12/31/2025 Net Asset Value EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to shareholders 999,091 999,091 999,091 992,545 992,545 992,545 Exclude: v) Deferred tax in relation to fair value gains of IP 10,736 10,736 12,447 12,447
Slide 59: Key tenants in Italy 1/2
Key tenants in Italy 1/2 Merchandise Turnover TOP 20 Tenant Merchandise TOP 20 Tenant gallerie Contracts Turnover impact Contracts category impact gallerie category 1° fashion 3.2% 20 11° underwear 1.6% 28 2° fashion 2.6% 10 12° sportswear 1.5% 8 3° fashion 2.2% 14 13° health & beauty 1.5% 13 4° fas
Slide 60: Key tenants in Italy 2/2
Key tenants in Italy 2/2 MERCHANDISING MIX* TENANT MIX Fashion 46.3% *Calculated on freehold and leasehold malls total rent 60
Slide 61: Hyper/Supermarkets' key tenants in Italy H1 2026
Hyper/Supermarkets’ key tenants in Italy H1 2026 Impact on No. of TOP Hypermarket Tenants Brand Name Shopping center hypermarket Contract turnover s Centro D'Abruzzo - Le Maioliche - 1° Coop Alleanza 3.0 Ipercoop 84% 5 ESP - Lungo Savio - Leonardo 2° Superisola s.r.l. Ipercoop Katanè 6% 1 3° Fratell
Slide 62: Key tenants in Romania
Key tenants in Romania Merchandise TOP 10 Tenant Turnover impact Contracts MERCHANDISING AND TENANT MIX category supermarkets 11.1% 7 fashion 7.0% 4 entertainment 4.1% 5 fashion 3.9% 6 fashion 3.0% 3 drugstore 2.9% 3 fashion 2.6% 3 food & beverage 2.4% 1 health & beauty 2.3% 2 services (medical 1.7%
Slide 63: Contracts in Italy and Romania
WALB & WALT Contracts in Italy and Romania Total contracts: 1,215 in freehold malls In the first 6 months of 2026 50 renewals were signed with the same tenant and 42 contracts MALLS were signed with a new tenant. Renewals + turnover of the six month period represent 5.8% of freehold mall total rent
Slide 64: Italian Freehold Portfolio composition and assets in Juice and Food Funds
Italian Freehold Portfolio composition and assets in Juice and Food Funds 25 SHOPPING MALLS HYPER/SUPERMARKET OWNERSHIP JUICE AND FOOD FUND STAKES (Assets held through funds) CENTRO D'ABRUZZO - S. Giovanni Teatino (CH) LE MAIOLICHE - Faenza (RA) JUICE FUND – 40% IGD 8 LE PORTE DI NAPOLI - Afragola (
Slide 65: Porta a Mare Project in Livorno
Porta a Mare Project in Livorno IGD’S RETAIL AREA GLA 24,000 sqm 3 PRESTIGIOUS AREAS TO BE SOLD AFTER THE OBTAINING OF FINAL PERMITS (with mixed residential, hospitality, service,… uses) c. 26,000 sqm usable gross floor 115 APARTMENTS TOURISTIC PORT SOLD OFFICE BUILDING Sold to an institutional inve
Slide 66: «Coop world» key data
«Coop world» key data 9 Legal entities throghout Italy Key data at FY 2025 • Turnover: 17€ bn IGD’s main shareholders • Market share: 10.9% of Italian large scale retail • No. of stores: 2,237 • Employees: 58,000 • Members: 6.2 million people 66
Slide 67: Coop Alleanza 3.0 key data
Coop Alleanza 3.0 key data It is the largest coop in Italy and operates in 8 regions Key data at FY 2025 • Turnover: 5.87€ bn • No. of stores: >340 • Employees: >15,000 • Members: 2.2 million people • Strategic investments in listed comanies: UNIPOL (insurance and banking) and IGD SIIQ SPA 67
Slide 68: Investor Relations contacts
Luca Lucaroni, CFO [email protected] Claudia Contarini, IR [email protected] Elisa Zanicheli, IR Team [email protected] Follow us on Linkedin Federica Pivetti, IR Team [email protected]